A closely followed crypto strategist thinks that Bitcoin (BTC) is gearing up to carve the bottom of its extended correction this month.

Pseudonymous analyst Rager tells his 198,000 followers on the social media platform X that he thinks Bitcoin will start carving a local bottom this month.

According to the analyst, the precise timeline for BTC’s lows is not important as he sees Bitcoin rallying in Q4 of this year.

“August and September is a very good chance that the low could/will be in over the next month. And regardless of exact timeline – many here will still agree prices will be higher in the next three to six months.”

To support his long-term bullish outlook for BTC, Rager shares a table that shows massive Bitcoin returns during the Q4s of its halving year.

“Hang in there.

Eventually, the wind changes direction.”

Source: Rager/X

The table shows that Bitcoin rallied by nearly 170% in Q4 of its 2020 halving and about 60% during the Q4 of its 2016 halving.

For now, Rager says the table is being set for another strong Q4 rally for BTC.

“I honestly want the sentiment to be as low as possible prior to Q4. Usually, turnarounds happen after the worst sentiment possible (outside bear markets).

In my opinion, can’t think of a better signal than people quitting right before things get good.”

At time of writing, Bitcoin is trading for 57,55, down over 1% on the day.

Generated Image: DALLE3